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Mid-Afternoon Market Update: Markets Go Red; AK Steel Plunges Again
11/13/2012 3:29:00 PM
Midway through trading Tuesday, the Dow traded down 0.03 percent to 12,811.27 while the NASDAQ fell 0.31 percent to 2,895.27. The S&P rose, increasing 0.02 percent to 1,380.27.
Equities Trading UP
Shares of Clean Energy Fuels (NASDAQ: CLNE ) also saw a boost, rising 12.39 percent to $12.43 after the company announced it would buy technology from General Electric that allows it to liquefy natural gas, and would receive a loan of up to $200 million from GE Capital
Halcon Resources (NYSE: HK ) rallied 9.57 percent to $5.90 after the company filed a series of SEC form 4's on Monday.
Equities Trading DOWN
AK Steel (NYSE: AKS ) was also down, dropping 16.94 percent to $4.54 after the company announced $475 million in new debt offerings and a 25 million share common stock offering before the market opening Tuesday. The debt offering, which nearly matches the $545.4 million market cap of the company clearly worried investors. Later in the day, Moody's downgraded AK Steel CFR to B2, sending the stock down further.
Shares of Tronox (NYSE: TROX ) fell further, declining 17.25 percent at $15.49 following a very poor earnings report after the close Monday.
Silver traded down 0.05 percent Tuesday to $32.47.
The euro got a slight boost Tuesday morning after a German newspaper reported that the German government was currently at work on at EU44B aid package to cover Greece for the remainder of the year.
IBD/TIPP economic optimism came in at 48.6, well below the expected 53.8 and the previous figure of 54.0.
The federal budget balance was also announced, coming in at $-120.0 billion, worse than the expected $-114.0 billion, and far below the prior figure of $75.0 billion.
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